Gold Rate Today Jumps As Jerome Powell’s Speech Fuels US Fed Rate Cut Buzz.

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Gold rate today: The buzz around the US Fed rate cut, sparked by Jerome Powell’s speech, has significantly influenced gold prices. This was evident in early morning deals on Wednesday, as gold futures contract on the Multi Commodity Exchange (MCX) for June 2024 expiry opened at an upside of 72,336 per 10 gm mark and quickly reached an intraday high of 72,444. This surge in gold prices mirrors a trend we’ve seen in recent years, with gold prices steadily increasing due to various economic factors. In the international market, spot gold price is hovering around $2,360 per ounce while the COMEX gold price is quoting around $2,365 per troy ounce.

Insights from seasoned commodity market experts, who have a deep understanding of the gold market, suggest that Gold rate today are on the rise following Jerome Powell’s positive outlook on the US economy in his speech on Tuesday. They attribute this to the buzz for the US Fed rate cut, which is the primary driver of the current gold price surge. The experts have identified strong support for MCX gold rate today at 71,900 mark, with a potential hurdle at 72,800 per 10 gm. However, they foresee a target of 73,200 per 10 gm once the yellow metal price overcomes the 72,800 hurdle.

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